Insurance Insights: Step Back and Look Forward
Try taking a step back from your daily business and noting the revolutionary changes that promise to transform the way we do business. According to an AIG study titled “The Internet of Things: Evolution or Revolution?”, we may be on the precipice of a revolution as world-changing as the Industrial Revolution. To put it simply, the “Internet of things” means that we are increasingly taking one information-transmitting device (a laptop, smartphone, etc.) and linking it through the Internet to another device without any human intervention. This means that autonomous vehicles (drones, self-driving cars, etc.) may soon conduct business without drivers and pilots. This shift will have a marked impact on liability insurance, as human injury and property damage are minimized.
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Quick Tip: While about 500 million devices were connected to the Internet a decade ago, 10 billion to 20 billion devices are currently connected. That could grow to 40 to 50 billion in five years.